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Washington DC and The Holy Land>Manchin rejects Biden's corporate tax hike
petegz28 12:24 PM 04-05-2021
Sen. Joe Manchin, D-W.Va., said Monday that he does not support President Biden's proposed tax increases on corporations as part of a nearly $2.3 trillion spending proposal, potentially dealing a fatal blow to a key revenue raiser included in the infrastructure initiative.

Biden's plan would raise the corporate tax rate to 28% from 21% and increase the global minimum tax on U.S. companies to 21% from about 13%. The White House said the tax increases would pay for the proposed investments in the nation's roads and bridges, transit systems, schools and hospitals over the course of 15 years.

But Manchin — a moderate Democrat who has become one of the most powerful members of the 50-50 Senate — said that 28% is too high and could hurt American competitiveness. He suggested the package could be paid for by boosting the corporate rate to 25% and closing tax loopholes used by wealthy Americans to dodge taxes.

Republicans have widely rejected the sweeping economic package, meaning that Democrats will almost certainly have to pass the measure via budget reconciliation, the obscure Senate rule the party used last month to approve Biden's $1.9 trillion American Rescue Plan without a single GOP vote. With narrow majorities in the House and Senate, Democrats will need to secure the support of almost every member in their party to muscle through the package.

"If I don't vote to get on it, then it's not going anywhere, so we're going to have some leverage here," Manchin said. "It's more than just me. There's six or seven other Democrats who feel very strongly about this. We have to be competitive, and we’re not going to throw caution to the wind.”

The White House has said it welcomes feedback from lawmakers on how best to address infrastructure, which is broadly viewed as a bipartisan issue in Washington.

"The president felt it was responsible to propose a way to pay for his proposals," White House press secretary Jen Psaki said Monday when asked about Manchin's comments. "That's exactly what he did. He knows some members think it's too big, some think it's too small...We fully expect that from Sen. Manchin and other members. We expect the question of how to pay for the package, if we should pay for the package, to be part of the disussion. We're open to hearing ideas."

https://chiefsplanet.com/BB/newthrea...newthread&f=30
[Reply]
petegz28 02:58 PM 04-05-2021
Originally Posted by AdolfOliverBush:
Again, this is one link of many. If you don't like the source, there are plenty of others:

https://www.taxpolicycenter.org/taxv...ay-itself-2018
Let me help you out...

https://www.thebalance.com/current-u...evenue-3305762
[Reply]
AdolfOliverBush 03:00 PM 04-05-2021
Originally Posted by petegz28:
Tax revenue has never been a problem. Revenues continue to rise after tax cuts.

What's this ridiculous belief that the Fed Gov somehow spends money better than the people who make it?
This has nothing to do with who spends it better. Running the hegemon of the world is very expensive.
[Reply]
philfree 03:01 PM 04-05-2021
Originally Posted by AdolfOliverBush:
Again, this is one link of many. If you don't like the source, there are plenty of others:

https://www.taxpolicycenter.org/taxv...ay-itself-2018
Maybe links are your thing but not mine. By 2019 the tax cuts paid for themselves and we collected more tax revenue then ever before in our history as a nation. I did notice that your link was dated 2018.
[Reply]
petegz28 03:03 PM 04-05-2021
Originally Posted by AdolfOliverBush:
This has nothing to do with who spends it better. Running the hegemon of the world is very expensive.

Especially when you have to account for the skim and the crony payoffs...
[Reply]
AdolfOliverBush 03:03 PM 04-05-2021
Originally Posted by petegz28:
Let me help you out...

https://www.thebalance.com/current-u...evenue-3305762
Let me help you out. From your link:

"Tax cuts implemented by Presidents Bush, Obama, and Trump to drive economic growth further reduced revenues."

Tax cuts = reduced revenue.
[Reply]
AdolfOliverBush 03:04 PM 04-05-2021
Originally Posted by philfree:
Maybe links are your thing but not mine. By 2019 the tax cuts paid for themselves and we collected more tax revenue then ever before in our history as a nation. I did notice that your link was dated 2018.
The article is dated 2019, and no, the tax cuts didn't even come close to paying for themselves.
[Reply]
philfree 03:07 PM 04-05-2021
Originally Posted by AdolfOliverBush:
The article is dated 2019, and no, the tax cuts didn't even come close to paying for themselves.
https://www.taxpolicycenter.org/taxv...ay-itself-2018

Now please keep your link to yourself.
[Reply]
AdolfOliverBush 03:08 PM 04-05-2021
Originally Posted by philfree:
https://www.taxpolicycenter.org/taxv...ay-itself-2018

Now please keep your link to yourself.
Shocker, your link doesn't work.

The numbers don't change because of your feelings.
[Reply]
philfree 03:09 PM 04-05-2021
Originally Posted by AdolfOliverBush:
Shocker, your link doesn't work.

The numbers don't change because of your feelings.
That's the link you posted.
[Reply]
petegz28 03:26 PM 04-05-2021
Originally Posted by AdolfOliverBush:
Let me help you out. From your link:

"Tax cuts implemented by Presidents Bush, Obama, and Trump to drive economic growth further reduced revenues."

Tax cuts = reduced revenue.
Accept total revenues taken in increased....I know the chart with the numbers confuses you...
[Reply]
AdolfOliverBush 03:35 PM 04-05-2021
Originally Posted by petegz28:
Accept total revenues taken in increased....I know the chart with the numbers confuses you...

[Reply]
Hydrae 03:45 PM 04-05-2021
Originally Posted by Donger:
That's adjusted for inflation, but I was going from memory. I'll look it up.

Even if your number is correct, that about a $1 billion, not $5 trillion.
You had the right numbers. 18.4 cents per gallon on gasoline, 22.4 cents on diesel. Those numbers have not changed since 1993.

500,000,000 X ~10 = 5,000,000,000
[Reply]
Donger 03:49 PM 04-05-2021
Originally Posted by Hydrae:
You had the right numbers. 18.4 cents per gallon on gasoline, 22.4 cents on diesel. Those numbers have not changed since 1993.

500,000,000 X ~10 = 5,000,000,000
The non-adjusted cost of the IHS was $115 billion, not $500 billion. So, if inflation-adjusted is $10 to $1, that's just over $1 billion, not $5 billion.
[Reply]
Pogue 03:53 PM 04-05-2021
Originally Posted by HonestChieffan:
what loopholes do you want eliminated
None. Democrats love loopholes. Thatís why they get millions in speaking fees at corporation x. (Example: Hillary made 153 million in speeches from banks etc and never closed any loopholes.)
[Reply]
AdolfOliverBush 03:54 PM 04-05-2021
Originally Posted by Pogue:
None. Democrats love loopholes. Thatís why they get millions in speaking fees at corporation x. (Example: Hillary made 153 million in speeches from banks etc and never closed any loopholes.)
Yes, and look at all the Republicans scrambling to close all tax loopholes. :-)

I already answered his question.
[Reply]
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